Overview

• Oil prices ticked up after a two-day drop erased nearly 14% of value following the ceasefire between Israel and Iran.
• U.S. crude inventories fell by 4.23 million barrels in the week to June 20, according to American Petroleum Institute data.
• Early U.S. intelligence indicates that recent airstrikes did not substantially damage Iran’s nuclear program, casting doubt on ceasefire durability.
• Vessel traffic in the Strait of Hormuz is down about 20% due to GPS signal interference, prolonging concerns over oil shipment safety.
• Market participants are positioning for potential Federal Reserve rate cuts and fresh macroeconomic readings to gauge future oil demand.